USDJPY LONG SETUP
I've had a number of analysis in the past few weeks on USDJPY considering the higher timeframe and long term trend on the pair, but this week, i will like to keep it simple with the pair as we have a simple setup to follow until we've a breakout or switch in momentum.
The pair is in this range bond zone between 104.20 and 107.00 i've as well talked about in the past, i also noticed price is now forming up a kind of descending triangle with few lower highs inside the range bond zone, we saw rejection @104.20 support zone last week.
If the 104.20 hold as support as we go into the new month, maybe we will be making another lower high before we get a break out of the descending triangle i talked about, so that will set price higher with possible target at 105.50 zone.
WHILE a break below 104.20 support zone with retest holding will set price lower and it will possibly be a free fall till 101.00 support zone we've talked about in the past.
The pair is in this range bond zone between 104.20 and 107.00 i've as well talked about in the past, i also noticed price is now forming up a kind of descending triangle with few lower highs inside the range bond zone, we saw rejection @104.20 support zone last week.
If the 104.20 hold as support as we go into the new month, maybe we will be making another lower high before we get a break out of the descending triangle i talked about, so that will set price higher with possible target at 105.50 zone.
WHILE a break below 104.20 support zone with retest holding will set price lower and it will possibly be a free fall till 101.00 support zone we've talked about in the past.
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